If by chance you're a 1st time buyer in Franklin Michigan and you're leaning towards a zero down mortgage, you will be glad to know you have several opportunities. All of these choices have direct guidelines that must be met if you want to put nothing down when mortgaging your new home. Below you'll notice a list of choices available to first time buyers in Franklin MI.
The Michigan USDA Rural Development LoanThe first opportunity for a 0 down payment mortgage loan is the United States Department of Agriculture's Rural Development mortgage. This mortgage loan allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call us at 248-674-6450 and Michigan Mortgage Solutions can tell you if the USDA RD mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on zero down mortgages for 1st time home buyers in Franklin Michigan is looking into state departments like the MSHDA. MSHDA has opportunities for down payment assistance which will be used in conjunction with FHA mortgage lending. This financial aid can be as much as $7,500 and doesn't make you to send any monthly payments nor does it accrue interest but it absolutely must be paid off should you want to refinance or sell the home. There are other restrictions to the MSHDA down payment assistance program like your mortgage amount along with your total income as it is created to help those having lower to moderate salaries.
Local or Federal GrantsThe last opportunity available on zero down home loans for first time home buyers in Franklin Michigan is to look up any federal money granted to Franklin for neighborhood stabilization programs. You can learn more on the opportunities that could be available in your city by getting in touch with your areas community development representative which will be easily found in Google.
If you are interested in zero down home loans for first time home buyers in Franklin Michigan call 248-674-6450 ASAP!